6 Things to Know Before Market Opens on November 07, 2024

On November 07, the Indian stock market is likely to be impacted as mixed signals emerged from global markets following Donald Trump’s win in the 2024 US presidential election. Gift Nifty was trading around 24,440, about 150 points below Nifty futures’ last close.

Previous Trading Session 

On Wednesday, the Indian stock market saw a strong rally, with key indices gaining over 1% after Republican candidate Donald Trump took a clear lead in the 2024 US presidential election, boosting market sentiment.

• Sensex: The Sensex jumped by 901.50 points, or 1.13%, closing at 80,378.13.
• Nifty 50: The  Nifty 50 index rose by 270.75 points, or 1.12%, ending the day at 24,484.05.

This positive momentum reflects renewed investor confidence, as Trump’s lead spurred hopes of stability in US-India economic relations.

FII and DIIs 

On November 05, 2024, foreign institutional investors (FIIs) sold Indian shares worth ₹16,357.49 crore, while domestic institutional investors (DIIs) bought shares totalling ₹16,061.64 crore.

Put Call Ratio (PCR)

Nifty’s PCR has shifted to 0.85 in the previous session. A PCR ratio below 0.7 or heading toward 0.5 denotes a bearish trend, whereas a ratio above 0.7 or approaching 1 typically suggests a positive sentiment.

The increasing PCR, which is higher than 0.7 or surpasses 1, means traders are selling more Put options than Call options, which generally indicates the firming up of a bullish sentiment in the market. If the ratio falls below 0.7 or moves towards 0.5, then it indicates selling Call Options is higher than selling Put options, reflecting a bearish mood in the market.

Gold Prices and Oil Prices

On Thursday, gold prices showed little movement as the dollar strengthened following Donald Trump’s election victory. Spot gold remained nearly unchanged at $2,663.02 per ounce, while US gold futures dipped slightly by 0.2% to $2,670.40.

Crude oil prices remained stable as traders assessed the potential effects of Donald Trump’s election victory and an increase in US crude inventories. Brent crude edged up 0.33% to $75.17 per barrel, while US West Texas Intermediate (WTI) crude rose 0.26% to $71.88.

Asian Markets

On Thursday, Asian markets showed varied reactions after Trump’s election victory. Japan’s Topix gained 0.61%, but the Nikkei 225 fell by 0.62%. South Korea’s Kospi dropped 0.2%, and the Kosdaq declined by 0.78%. Futures for Hong Kong’s Hang Seng index suggested a weaker opening.

US Markets

On Wednesday, US stock markets surged to new record highs following Donald Trump’s victory in the 2024 presidential election.

• Dow Jones: Jumped by 1,508.05 points, or 3.57%, closing at 43,729.93.
• S&P 500: Rose by 146.28 points, or 2.53%, to finish at 5,929.04.
• Nasdaq Composite: Gained 544.29 points, or 2.95%, ending at 18,983.47.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.